MySpace to acquire music service
20 August 2009
MySpace will acquire the popular music discovery service iLike that allows users listen to and share music across social networks.
iLike reportedly turned down an offer from rival Facebook, where it is the top music application. The company has 55 million registered users and has been prominent on most social networks apart from MySpace.
"The iLike acquisition advances our relentless pursuit of innovation," said MySpace CEO Owen Van Natta. "Music entertainment is an important piece of people's lives," he told reporters in a conference call.
In a statement, iLike president Hadi Partovi said: "I'm enthusiastic about what this combination will mean for our users, artists, advertisers, and our staff. "We are beginning an exciting new journey together." The terms of the deal were not disclosed but the blogosphere has reported that iLike was sold "fairly cheaply" at about $20m (£12.4m). MySpace has been working to overhaul its business into one more focused on global music and entertainment. source: bbc.com